What is Apple Card?
Apple Card is a consumer U.S. credit card issued by Goldman Sachs. A digital version of it lives in the Wallet app of your iPhone geared towards online and in-store contactless purchases. There's also a physical version which is made of titanium and unlike most credit cards, does not contain your card number, expiration date, CVV security code or signature in an effort to better protect your account information.
#What benefits does Apple Card offer?
User Experience
Apple is positioning Apple Card's tight iPhone integration as its greatest benefit and key differentiator over its competition. The entire experience, from application to the redemption of rewards, all takes place in the Wallet app. That's in stark contrast to other credit cards that sometimes have multiple apps to take advantage of their complete suite of benefits. Apple Card will provide weekly and monthly summaries so you can track trends in spending to make better budgeting decisions. Instead of nearly impossible to decipher statements, Apple Card provides actual merchant names, locations, and dates to each transaction. Additional features include categories to better understand your where your money is going and clear payment options that encourage healthy financial decisions.
#What is the physical card like?
For purchases where you can't use Apple Pay, Apple has designed its own physical card. The credit card is going to be, much like everything Apple does, one of the most unique cards ever created. The card is built out a titanium unibody construction, which Apple pioneered in computing with the first MacBook Air. This design will help the card's durability and ability to withstand the test of time and conditions. The front of the card will feature the cardholder's name, the Apple logo, and the EMV chip that has been redesigned by Apple. The back of the card will display the Goldman Sachs and Mastercard logos, as well as the magnetic stripe, which runs to the bottom of the card. All of the markings on the card are laser etched engraved. The attention to detail is phenomenal, something that is indicative of Apple's obsessive commitment to design. If you are looking for a deep dive into the design of Apple Card, Arun Venkatesan goes into intricate detail on his recent blog post.
Macrumors has reported new images of the Apple Card on Twitter. Leaked by Ben Geskin, they show the new credit card in its packaging while of course photoshopping over the name on the card to protect the Apple employee who leaked it. The packaging contains a caption underneath the card reading "Activate Your Card: Wake iPhone and hold here." This confirms that new cardholders will activate their physical Apple Card much like pairing AirPods by holding the iPhone near them and following the activation prompt that appears on the iPhone.
A few Apple employees have begun receiving the physical titanium card in the mail which has given us a look at the full packaging and unveiled more details about the card itself, including the weight.
#Does Apple Card have an annual fee?
Apple Card will not require an annual fee. Furthermore, Apple promises not to charge any late, international, or over-the-limit fees. However, the fine print does state that "late or missed payments will result in additional interest accumulating toward your balance." It is important to note that this does not mean that Apple will increase your interest rate if you miss a payment. They will, however, report your late payment to credit bureaus and you will continue to accrue interest on your balance.
Interest rate information as of March 2019 is as follows: "Variable APRs range from 13.24% to 24.24% based on creditworthiness." While this isn't as revolutionary as many had hoped, Apple is going to place Apple Card users at the lower end of whatever interest rate tier they land in, according to TechCrunch. This is a small but meaningful change, as every percent less means accruing less debt, which is something Apple Card promises to help all of us avoid.
How and when can I sign up for Apple Card?
Apple Card is slated to be available sometime in the summer of 2019. We do know that Apple Card will be included in iOS 12.4 when it is made available to the public. iOS 12.4 is currently in its 3rd beta for developers, so many are expecting it to land a soon as July. It is currently available for corporate and retail Apple employees who have been testing all of the features of the card, from earning rewards every day with Daily Cash, managing the card in the Wallet app, to receiving support through iMessage.
When it is available, you'll be able to apply for the card using the Wallet app on your iPhone. While the exact launch date is unknown, you can sign up to be notified by Apple when it is available. Currently, the product is set up for only one card per person, meaning that there is no way to sign up for a shared card or to add an authorized user.
#How do I activate my Apple Card?
As reported by TechCrunch, activating your Apple Card is going to be incredibly easy. Your virtual card will be available in the Wallet app immediately when you are approved for the card, as well as being auto-filled for use in Safari. When you get your physical titanium card in the mail, you'll activate it by simply tapping your iPhone to the card. This will trigger a welcome animation of your new card and an activation button on your iPhone, similar to how you pair AirPods. As soon as you activate, your physical card will be ready for use. If you ever lose your physical card, replacing it is completely free.
#Should I wait for the Apple credit card to be released before signing up for another card?
You don't have to wait until Apple Card arrives to put a high-earning cash-back card in your wallet. Here are some of the best cash back credit cards on the market right now that are a fantastic alternative to Apple Card. You may even find a card better suited for your needs!